In addition C&G has introduced a new two-year premium fixed-rate at 5.29 per cent for those borrowing over £100,000.

Mr Hale added: "This additional product offers customers with a reasonable deposit and who are looking for a larger loan, a very competitive rate, with the security of knowing exactly what their payments will be for the next two years."

For those customers looking to remortgage they can fix their mortgage between 5.84 and 6.24 per cent - with deals from two to seven years.

With loans of £25,000 and over, Cheltenham & Gloucester's remortgaging service is free from the £299 administration charge.

Additionally, there are free legal and valuation fees for anyone receiving a loan of £50,000 or more.

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